How Much Does College Matter?

As President Obama makes yet another speech about America's future, more than a million high school seniors are deciding about college. No less than 70 percent will be accepted somewhere, most often near home. But many will have been recruited by the most elite schools, even though they'll never get in. From Harvard on down, schools encourage "application inflation," because the more they reject the better their reputations. Are they really that good? Are they worth all that money? We look at the past 10 years of increases in applications to the elite, most exclusive schools, and hear about the strange and expensive world of college admissions.